Paul Tudor Jones

We have, again, more levered activity.

You don't see it in margin debt.

because margin debt is actually an old anachronistic tool.

You see it more so in the options markets.

You see it more so in the levered ETFs.

So it's somewhere down the road,

a little similar.

I don't think we're there yet, but somewhere down the road, there's going to be some real issues with that.

So I would take them one by one.

I think for stocks, the critical time is going to be the last week here in October.

When we see the big tech earnings, as well as by that point in time, we'll have greater clarity on the resolution of the U.S.-China conflict.

I would think...

that if the NASDAQ is higher going into early November, then you've got a chance for a real ramp in the last two months.

What happens between now and then, I kind of think the market's going to be on the defensive until we get to, that's going to be an intersection of just so many really, really important data points.

So that's going to be a critical time.

They also have a Fed meeting that week.

So I would think, you know, my prior is that it will resolve the upside.

We'll focus on where Fed funds will be.

The market will look ahead six to nine months and focus on that.

Bitcoin and gold are interesting.